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FISCAL POLICY AFTER THE ECONOMIC CRISIS IN ROMANIA
Abstract
Given the recent economic downturn and the limited scope of monetary policy to provide additional stimulus for the economy, fiscal policy was regarded as the main tool for the economic recovery. The mix of expenditure and revenue measures has important implications with respect to output growth, as well as to other key macroeconomic variables. The literature on the determinants of successful fiscal consolidations generally favours spending-based over revenue-based adjustments and in particular, the empirical literature favours cuts in primary current spending rather than on capital goods. The purpose of this paper is to illustrate the extent at which fiscal measures adopted in Romania after the economic crisis have managed to achieve different results in terms of economic growth and fiscal fundamentals. The paper includes a short descriptive assessment of the Romanian budgetary indicators and the austerity vs. expansionary fiscal policy measures adopted during 2010-2015.
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